A Republican, Snyder announced in March that he was considering a run next year.

The Michigan native is the co-founder, chairman and CEO of Ardesta, one of the nation's largest investment firms focused on micro and nanotechnology companies.

If he runs, Snyder will join a Republican field that includes Michigan Attorney General Mike Cox, Secretary of State Terri Lynn Land, U.S Rep. Peter Hoekstra and Oakland County Sheriff Michael Bouchard.